AGM 2023: Investors must integrate climate issues into their votes

Reclaim Finance advises investors to integrate climate criteria into their 2023 Annual General Meeting (AGM) votes. The briefing argues that 'Say on Climate' resolutions are often used for greenwashing and should be opposed if strategies are incomplete or misaligned with a 1.5°C scenario. It specifically calls for opposition to TotalEnergies' Say on Climate and support for shareholder resolutions at ENGIE and energy majors (TotalEnergies, BP, Shell, Chevron, and ExxonMobil) regarding Paris Agreement alignment. Additionally, it recommends using routine votes on director reappointment, executive remuneration, and financial statements to sanction a lack of climate ambition or risk disclosure.

• Many 'Say on Climate' resolutions are ineffective because the associated climate strategies are often incomplete and fail to demonstrate alignment with a 1.5°C warming limit, potentially enabling greenwashing.
• Reclaim Finance specifically urges investors to oppose the 2023 Say on Climate resolution at TotalEnergies, noting that 89% of shareholders approved its 2022 resolution despite the company's plans to increase fossil fuel production.
• Investors are encouraged to support shareholder resolutions at ENGIE and energy majors including BP, Shell, Chevron, and ExxonMobil to demand transparency and the alignment of greenhouse gas emission reduction targets, including Scope 3, with the Paris Agreement by 2030.
• Climate considerations should be integrated into routine AGM votes: opposing director reappointment for inconsistent strategies, rejecting executive remuneration that lacks measurable climate criteria, and opposing financial statements that fail to disclose climate-related risks.

APA

Martin, L. (2023). AGM 2023: Investors must integrate climate issues into their votes. Reclaim Finance. https://reclaimfinance.org/site/en/2023/04/19/agm-2023-investors-must-integrate-climate-issues-into-their-votes/

Chicago

Martin, Léo. AGM 2023: Investors must integrate climate issues into their votes. Reclaim Finance, 2023. https://reclaimfinance.org/site/en/2023/04/19/agm-2023-investors-must-integrate-climate-issues-into-their-votes/.

Wikipedia

{{cite report |last1=Martin |first1=Léo |title=AGM 2023: Investors must integrate climate issues into their votes |publisher=Reclaim Finance |date=19 April 2023 |url=https://reclaimfinance.org/site/en/2023/04/19/agm-2023-investors-must-integrate-climate-issues-into-their-votes/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{martin2023agm, author = {Martin, Léo}, title = {{AGM 2023: Investors must integrate climate issues into their votes}}, institution = {Reclaim Finance}, year = {2023}, month = apr, url = {https://reclaimfinance.org/site/en/2023/04/19/agm-2023-investors-must-integrate-climate-issues-into-their-votes/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }